PUBLISHER: Renub Research | PRODUCT CODE: 1422472
PUBLISHER: Renub Research | PRODUCT CODE: 1422472
Plug-in Hybrid Electric Vehicle Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis
Plug-In Hybrid Electric Vehicle Market Size is projected to value around US$ 189.47 Billion by 2030, according to Renub Research. The Plug-in Hybrid Electric Vehicle (PHEV) market is a dynamic quarter on the intersection of traditional and electric mobility. PHEVs seamlessly integrate inner combustion engines with electric propulsion, providing drivers with the flexibility of both electricity sources. This dual capability extends electric range, mitigating range anxiety prevalent in complete electric motors. PHEVs have received traction globally as a transitional solution, promoting power efficiency and reducing emissions. Automakers continue to spend money on PHEV technology, improving battery capabilities, and refining hybrid systems. With an evolving automobile landscape and developing environmental cognizance, the PHEV market serves as a bridge towards a sustainable, electrified future.
Global Plug-In Hybrid Electric Vehicle Market is anticipated to expand at a CAGR of 10.82% from 2024 to 2030
Amid escalating climate change worries, customers are gravitating closer to fuel-efficient solutions. Plug-in Hybrid Electric Vehicles (PHEVs) become a compelling preference, seamlessly integrating electric and fuel power to curtail emissions and lessen reliance on fossil fuels. PHEVs, in particular, shine in metropolise driving scenarios, leveraging electric vehicles for quick commutes and significantly lowering emissions and noise pollutants. This urban-centric advantage positions PHEVs as champions for metropolis dwellers and environmentally aware drivers looking for a harmonious balance between sustainability and the practicality of their everyday transportation alternatives.
Further, pivotal breakthroughs in battery technology are remodeling the panorama for Plug-in Hybrid Electric Vehicles (PHEVs), extending their electric-powered variety, and broadening their enchantment across diverse motive force profiles. The synergy of electric vehicles and fuel engines in PHEVs gives dynamic acceleration and enhances gas efficiency, providing a compelling alternative to standard fuel-powered cars. Simultaneously, the global enlargement of charging infrastructure addresses "range anxiety" issues for PHEV proprietors, fostering a seamless transition to electrified use. As these three factors converge, PHEVs become technologically advanced, high-performing, and increasingly available alternatives, reflecting the evolving dynamics in the automobile industry toward more sustainable and efficient transportation.
In the global shift towards electrified transportation, Asia-Pacific, led by China's widespread vehicle market and sturdy government aid for Electric Vehicles (EVs), takes the lead. Europe and North America followed suit, propelled by mounted automakers and developing customer interest in sustainable mobility. Governments worldwide actively promote EVs and Plug-in Hybrid Electric Vehicles (PHEVs) through guidelines and incentives, with the U.S. providing federal tax credits for PHEV purchases. Significant players like Toyota, Ford, General Motors, and Hyundai heavily spend money on PHEV technology, introducing new trends and refining current ones to cater to diverse customer choices, signifying a transformative phase in the international automobile landscape. Hence, the Plug-in Hybrid Electric Vehicles Market was US$ 92.33 Billion in 2023.
Mid-priced vehicle class emerges as a pivotal segment in the global Plug-in Hybrid Electric Vehicles (PHEV) market
By vehicle class, the Plug-in Hybrid Electric Vehicles Market is fragmented into low-priced, Mid-Priced, and Luxury. The global market for mid-priced plug-in hybrid electric vehicles is catering to a vast consumer base searching for a balance between affordability and superior electrified technology. Positioned among cost-friendly options and luxury counterparts, mid-priced PHEVs enchant cost-aware customers desiring efficient capabilities without compromising performance. This class witnesses a surge in recognition as automakers like Honda, Ford, and Hyundai introduce competitive trends, imparting an attractive combo of electrical performance and traditional driving range. The mid-priced PHEV class exemplifies a vital market niche, contributing extensively to the substantial adoption of electrified transportation globally.
SUVs constitute a formidable presence in the global Plug-in Hybrid Electric Vehicles (PHEV) market, offering a compelling fusion of versatility and sustainability
By car type, the Plug-in Hybrid Electric Vehicles Market is categorized into SUV, MPV & Vans, Midsize and large Cars, and Small and compact Cars. The SUV car kind caters to various client alternatives, combining the practicality of an SUV with the efficient benefits of the PHEV technology. Renowned automakers, which include Tesla, Volvo, and Mitsubishi, have brought PHEV SUV models, offering sturdy electric-powered capabilities and spacious interiors. The SUV segment in the PHEV market is witnessing notable growth, driven by a growing demand for efficient options without compromising the commanding presence, application, and driving experience SUV lovers seek.
United States is experiencing growth in the global plug-in hybrid electric vehicles (PHEVs) market
By country, the Plug-in Hybrid Electric Vehicles Market is divided into the United States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, and Rest of World. In the evolving panorama of the worldwide Plug-in Hybrid Electric Vehicle (PHEV) marketplace, America plays an essential role while experiencing a nuanced increase compared to different regions. Climate change worries propel American clients towards eco-friendly alternatives, and PHEVs have grown to be a pragmatic preference bridging traditional fuel-powered automobiles and completely electric-powered ones. The US authorities incentivize PHEV adoption through federal tax credits, complemented by extra state-level incentives. Concurrently, US automakers are advancing PHEV generation, improving performance and competitiveness. Although in its early stages compared to Europe, the growing charging infrastructure is increasing step by step, particularly in primary cities, alleviating range anxiety and fostering multiplied PHEV adoption in the United States.
Key Players
Leading businesses in the Global Plug-in Hybrid Electric Vehicles Market are Tesla, BMW Group, BYD Company Ltd., Mercedes-Benz Group AG, Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation.
In 2022 - Toyota has announced that it'll invest an extra US$ 35 Billion in growing plug-in hybrid electric cars (PHEVs). Last year, the business enterprise sold over 500,000 hybrids and PHEVs.
Renub Research report titled "Global Plug-in Hybrid Electric Vehicles Market By Vehicle Class (Low Priced, Mid-Priced, and Luxury), Car Type (SUV, MPV & Vans, Midsize & Large Cars, and Small & Compact Cars), Country (United States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, and Rest of the World), Company Analysis (Tesla, BMW Group, BYD Company Ltd., Mercedes-Benz Group AG, Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation)" provides complete study of Global Plug-in Hybrid Electric Vehicles Industry.
Vehicle Class - Global Plug-in Hybrid Electric Vehicles Market breakup in 3 viewpoints:
- 1. Low Priced
- 2. Mid-Priced
- 3. Luxury
Car Type - Global Plug-in Hybrid Electric Vehicles Market breakup in 4 viewpoints:
- 1. SUV
- 2. MPV & Vans
- 3. Midsize & Large Cars
- 4. Small & Compact Cars
Country - Global Plug-in Hybrid Electric Vehicles Market breakup in 26 viewpoints:
- 1. North America
- 1.1. United States
- 1.2. Canada
- 2. Europe
- 2.1. France
- 2.2. Germany
- 2.3. Italy
- 2.4. Spain
- 2.5. United Kingdom
- 2.6. Belgium
- 2.7. Netherland
- 2.8. Turkey
- 3. Asia Pacific
- 3.1. China
- 3.2. Japan
- 3.3. India
- 3.4. South Korea
- 3.5. Thailand
- 3.6. Malaysia
- 3.7. Indonesia
- 3.8. Australia
- 3.9. New Zealand
- 4. Latin America
- 4.1. Brazil
- 4.2. Mexico
- 4.3. Argentina
- 5. Middle East & Africa
- 5.1. Saudi Arabia
- 5.2. UAE
- 5.3. South Africa
- 6. Rest of the World
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
- 1. Tesla
- 2. BMW Group
- 3. BYD Company Ltd.
- 4. Mercedes-Benz Group AG
- 5. Ford Motor Company
- 6. General Motor Company
- 7. Nissan Motor Co. Ltd.
- 8. Toyota Motor Corporation
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenges
5. Plug In Hybrid Electric Vehicle Market
6. Market Share - Plug In Hybrid Electric Vehicle Market
- 6.1 By Vehicle Class
- 6.2 By Car Type
- 6.3 By Countries
7. Vehicle Class - Plug In Hybrid Electric Vehicle Market
- 7.1 Low Priced
- 7.2 Mid Priced
- 7.3 Luxury
8. Car Type - Plug in Hybrid Electric Vehicle Market
- 8.1 SUV
- 8.2 MPV & Vans
- 8.3 Midsize & Large Cars
- 8.4 Small & Compact Cars
9. Countries - Plug In Hybrid Electric Vehicle Market
- 9.1 North America
- 9.1.1 United States
- 9.1.2 Canada
- 9.2 Europe
- 9.2.1 France
- 9.2.2 Germany
- 9.2.3 Italy
- 9.2.4 Spain
- 9.2.5 United Kingdom
- 9.2.6 Belgium
- 9.2.7 Netherland
- 9.2.8 Turkey
- 9.3 Asia Pacific
- 9.3.1 China
- 9.3.2 Japan
- 9.3.3 India
- 9.3.4 South Korea
- 9.3.5 Thailand
- 9.3.6 Malaysia
- 9.3.7 Indonesia
- 9.3.8 Australia
- 9.3.9 New Zealand
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.2 Mexico
- 9.4.3 Argentina
- 9.5 Middle East & Africa
- 9.5.1 Saudi Arabia
- 9.5.2 UAE
- 9.5.3 South Africa
- 9.6 Rest of the World
10. Porter's Five Forces Analysis - Plug In Hybrid Electric Vehicle Market
- 10.1 Bargaining Power of Buyers
- 10.2 Bargaining Power of Suppliers
- 10.3 Degree of Rivalry
- 10.4 Threat of New Entrants
- 10.5 Threat of Substitutes
11. SWOT Analysis - Plug In Hybrid Electric Vehicle Market
- 11.1 Strength
- 11.2 Weakness
- 11.3 Opportunity
- 11.4 Threat
12. Key Players Analysis
- 12.1 Tesla
- 12.1.1 Overview
- 12.1.2 Recent Development
- 12.1.3 Revenue Analysis
- 12.2 BMW Group
- 12.2.1 Overview
- 12.2.2 Recent Development
- 12.2.3 Revenue Analysis
- 12.3 BYD Company Ltd.
- 12.3.1 Overview
- 12.3.2 Recent Development
- 12.3.3 Revenue Analysis
- 12.4 Mercedes-Benz Group AG
- 12.4.1 Overview
- 12.4.2 Recent Development
- 12.4.3 Revenue Analysis
- 12.5 Ford Motor Company
- 12.5.1 Overview
- 12.5.2 Recent Development
- 12.5.3 Revenue Analysis
- 12.6 General Motor Company
- 12.6.1 Overview
- 12.6.2 Recent Development
- 12.6.3 Revenue Analysis
- 12.7 Nissan Motor Co. Ltd
- 12.7.1 Overview
- 12.7.2 Recent Development
- 12.7.3 Revenue Analysis
- 12.8 Toyota Motor Corporation
- 12.8.1 Overview
- 12.8.2 Recent Development
- 12.8.3 Revenue Analysis
List of Figures
- Figure-01: Global - Plug In Hybrid Electric Vehicle Market (Billion US$), 2018 - 2023
- Figure-02: Global - Forecast for Plug In Hybrid Electric Vehicle Market (Billion US$), 2024 - 2030
- Figure-03: Vehicle Class - Low Priced Market (Billion US$), 2018 - 2023
- Figure-04: Vehicle Class - Forecast for Low Priced Market (Billion US$), 2024 - 2030
- Figure-05: Vehicle Class - Mid Priced Market (Billion US$), 2018 - 2023
- Figure-06: Vehicle Class - Forecast for Mid Priced Market (Billion US$), 2024 - 2030
- Figure-07: Vehicle Class - Luxury Market (Billion US$), 2018 - 2023
- Figure-08: Vehicle Class - Forecast for Luxury Market (Billion US$), 2024 - 2030
- Figure-09: Car Type - SUV Market (Billion US$), 2018 - 2023
- Figure-10: Car Type - Forecast for SUV Market (Billion US$), 2024 - 2030
- Figure-11: Car Type - MPV & Vans Market (Billion US$), 2018 - 2023
- Figure-12: Car Type - Forecast for MPV & Vans Market (Billion US$), 2024 - 2030
- Figure-13: Car Type - Midsize & Large Cars Market (Billion US$), 2018 - 2023
- Figure-14: Car Type - Forecast for Midsize & Large Cars Market (Billion US$), 2024 - 2030
- Figure-15: Car Type - Small & Compact Cars Market (Billion US$), 2018 - 2023
- Figure-16: Car Type - Forecast for Small & Compact Cars Market (Billion US$), 2024 - 2030
- Figure-17: United States - Plug In Hybrid Electric Vehicle Market (Billion US$), 2018 - 2023
- Figure-18: United States - Forecast for Plug In Hybrid Electric Vehicle Market (Billion US$), 2024 - 2030
- Figure-19: Canada - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-20: Canada - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-21: France - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-22: France - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-23: Germany - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-24: Germany - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-25: Italy - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-26: Italy - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-27: Spain - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-28: Spain - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-29: United Kingdom - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-30: United Kingdom - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-31: Belgium - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-32: Belgium - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-33: Netherland - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-34: Netherland - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-35: Turkey - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-36: Turkey - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-37: China - Plug In Hybrid Electric Vehicle Market (Billion US$), 2018 - 2023
- Figure-38: China - Forecast for Plug In Hybrid Electric Vehicle Market (Billion US$), 2024 - 2030
- Figure-39: Japan - Plug In Hybrid Electric Vehicle Market (Billion US$), 2018 - 2023
- Figure-40: Japan - Forecast for Plug In Hybrid Electric Vehicle Market (Billion US$), 2024 - 2030
- Figure-41: India - Plug In Hybrid Electric Vehicle Market (Billion US$), 2018 - 2023
- Figure-42: India - Forecast for Plug In Hybrid Electric Vehicle Market (Billion US$), 2024 - 2030
- Figure-43: South Korea - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-44: South Korea - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-45: Thailand - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-46: Thailand - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-47: Malaysia - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-48: Malaysia - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-49: Indonesia - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-50: Indonesia - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-51: Australia - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-52: Australia - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-53: New Zealand - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-54: New Zealand - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-55: Brazil - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-56: Brazil - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-57: Mexico - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-58: Mexico - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-59: Argentina - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-60: Argentina - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-61: Saudi Arabia - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-62: Saudi Arabia - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-63: UAE - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-64: UAE - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-65: South Africa - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-66: South Africa - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-67: Rest of the World - Plug In Hybrid Electric Vehicle Market (Million US$), 2018 - 2023
- Figure-68: Rest of the World - Forecast for Plug In Hybrid Electric Vehicle Market (Million US$), 2024 - 2030
- Figure-69: Tesla - Global Revenue (Billion US$), 2018 - 2023
- Figure-70: Tesla - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-71: BMW Group - Global Revenue (Billion US$), 2018 - 2023
- Figure-72: BMW Group - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-73: BYD Company Ltd. - Global Revenue (Billion US$), 2018 - 2023
- Figure-74: BYD Company Ltd. - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-75: Mercedes-Benz Group AG - Global Revenue (Billion US$), 2018 - 2023
- Figure-76: Mercedes-Benz Group AG - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-77: Ford Motor Company - Global Revenue (Billion US$), 2018 - 2023
- Figure-78: Ford Motor Company - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-79: General Motor Company - Global Revenue (Billion US$), 2018 - 2023
- Figure-80: General Motor Company - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-81: Nissan Motor Co. Ltd - Global Revenue (Billion US$), 2018 - 2023
- Figure-82: Nissan Motor Co. Ltd - Forecast for Global Revenue (Billion US$), 2024 - 2030
- Figure-83: Toyota Motor Corporation - Global Revenue (Billion US$), 2018 - 2023
- Figure-84: Toyota Motor Corporation - Forecast for Global Revenue (Billion US$), 2024 - 2030
List of Tables
- Table-01: Global - Plug In Hybrid Electric Vehicle Market Share by Vehicle Class (Percent), 2018 - 2023
- Table-02: Global - Forecast for Plug In Hybrid Electric Vehicle Market Share by Vehicle Class (Percent), 2024 - 2030
- Table-03: Global - Plug In Hybrid Electric Vehicle Market Share by Car Type (Percent), 2018 - 2023
- Table-04: Global - Forecast for Plug In Hybrid Electric Vehicle Market Share by Car Type (Percent), 2024 - 2030
- Table-05: Global - Plug In Hybrid Electric Vehicle Market Share by Countries (Percent), 2018 - 2023
- Table-06: Global - Forecast for Plug In Hybrid Electric Vehicle Market Share by Countries (Percent), 2024 - 2030
